The troubled Interpublic Group has taken steps to ease its financial situation by selling four of its five UK motor racing circuits.
The famous Brands Hatch complex has been sold, together with Oulton Park, Cadwell Park and Snetterton to a new company called MotorsportVision for an undisclosed sum. The business is fronted by former racing driver Jonathan Palmer.
IPG announced last year that it was planning to sell its race tracks, including the Silverstone Grand Prix circuit, which came under the auspices of Octagan Motorsports (see Interpublic Sees Earnings Plummet In 2002). The unit has proved a burden to the advertising giant which is restructuring in an attempt to stem continuing losses (see Interpublic Losses Continue In Restructure).
After due consideration, the firm has opted to retain Silverstone but the sale of the other four circuits should help to relieve the debt mountain while securing the future of the British Grand Prix.
